You are Right friend. Honestly My mistake.

Friend, it is my hiding where i organize my thought lah before call it a day.

Is it because we cant accept those stocks that are under performing and losing out money? And we must have all winning stocks in our portfolio, possible?

is it because we are always afraid that all of our profit will disappear if we did not sell faster than others? And we kept all the losing stocks and sell all the Winning stocks.

Next time, when we evaluate and calculate; We do it by evaluate and calculate the whole portfolio performance.

Let me Bring our thoughts to the next level.

We know it is a Winning strategy. Is there anybody here who is following it? The key is who is following the Winning strategy? If No, why is it so hard to follow and Not only that keep disputing about it? Why?

just take a look at above portfolio created in year 2013. Nobody knows which stocks will outperform and which one will under perform. And it is impossible to create a portfolio with only the Winners.

So we have to accept those that are under perform as much as those are out performing. We cant criticize fund manager whose stock pick is under performing as We have to evaluate the Whole portfolio to be Just.

So as long as the portfolio is Out performing we stick to the strategy. We really cant evaluate based on Individual stock performance. Fair?

Noby, your focus might be a bit more on Individual stock performance.

If your focus is on whole portfolio performance, you should be doing much better. At least you will be much at Ease.

Just my thought. Hope it helps.

Always good to learn from KC articles. Looking forward for next article.

Listen to KC sincere advice.

But dont mix up cash and REIT as we thought cash and REIT is same. As i mentioned if price of REIT drops you Buy more. But now we dont have anymore cash, how are we going to Buy more?

So cash is a different asset class of its own.

It surely is part and parcel of asset allocation much alike fixed income. If price drops, yes, we should Buy more.

In market, we nonetheless should focus on Business which has ability to Grow and create value for shareholders for a period of time. Well, surely if management fails to deliver, price will be punished. In times of uncertainty, price will be much more volatile.

Still, i totally agree this is Not the market to Trade.

KC, for trading matters as you mentioned few times. I have seen some extra ordinary successful commodity traders with good trading systems. Sometimes, very extraordinary gain. Sometimes small gain, sometimes small losses, sometimes few losses in a row. But overall result is fantastic month over month. Their trading records is there for you to verify.

Not in trading stocks as in stocks market we are dealing with very long term trend Not so much with short term trends and volatility.

Think about the whole process of Reit creation.

It starts with a good property companies with Rich property on hand which then wants to liquidate them for certain reasons.

If we like REIT so much, we should really like the good property company which can have the ability to create another REIT, fair?

To be fair I am not saying it is Bad. But it will be sub par return over a long period of time compared to good property companies.

That is Right Noby. That is the Story of Supply Side Banker who promotes REIT.

That is Right KC. If you like believe in REIT. You should Buy good Property stocks. Think about it.

economic gain at environmental cost ya especially like Big city in China. Poor social and economic planning.

But fossil fuel is much cheaper now than clean energy. I presume Not a lot of people and industry can afford clean energy.

How to go about it in future? I guess government must be willing to spend a lot to subsidize the Renewable energy for the Industry to move forward.

Good article by II and good effort by Coolio. KC should be very proud.

As usual the amount of Understanding you have on the Business itself is the amount that you shall earn in the future.

I feel that car engine runs better with Ron97.

i think ron97 is worth the money, am i right?

Higher quality at cheaper price, correct?

But it is true i cant address all the concerns around the best way and i am afraid my view can be Biased as i am Holding substantial shares in the company.

Surely most of your concern is genuine and your views are well respected.

thanks bsngpg.

friend, i choose a strong cash flow business and a simple business so much so that i can always reinvest its cash. In a small way. Not a Big business.

How i started the Business? There are friends around me.

Not neccessary.

Friend, Very simple Business. Laundry and Photostating and Rental Income. I mentioned that few times. The old post is always there.

tbm65, i am involved in few Business and i strive everyday. Just refer to my old comments.

Good sharing ya.

Unluckily, we cant find a company doing Business without competition. lets believe that the Market is Big enough for everyone.
Unluckily, we cant find a company Not affected by GST. Lets believe that GST is a fairer Distibution of wealth and everybody will benefit from it.
Unluckily, we cant find a company which products will suit everybody taste. Some likes. Some does not ya.

But we are sure of One thing. That is Business has to survive to pay salary, distribute Dividend and create wealth for shareholders. There is No option for Business.

Pertinent question will be IF management can do it with Rm150million cash?Investment Decision is placing our Bets if company do it Or not in the next 5-10 years.

Few Considerations: Management Team who knows the local taste and market. Financial Strength/war Chest. Established Branding. Medium Size. Consumer Products.

The Risk is always Sub-Par return. Meaning you are not losing But the return is Not satisfactory.

Ha, each of one us here has benefited so much from KC unselfish long term sincere Contribution.

I would like to thank him here if not in person.

Dear Ronnie, i really dont think so as Capital Dynamics is the Principal.

But Capital Dynamics can replaced TTB though which is unlikely as TTB owns Capital Dynamics. So nothing is going to change for quite some time.

Like any disaster. Once the extent of Impact can be assessed, Only then the market can gain the Bottom and Investor confidence can return. It may takes few quarterly report to assess the impact.

It is Common sense that you cant Buy into market everyday. You might even need some cash to spread out until next year.

Very much Short term Pain. Long term benefits will be much Later.

The Move just seems like to bankrupt lots of producers and companies and countries.

Noted the respective Industry Leader such as Scientex and Pintaras continue to outperform broad market by wide margin.

The economy moat,market share and company size is giving the free lunch and are main factors of outstanding performance.

You cant be doing Right thing at the Right time all the Time. Better learn to do the Right thing first. And let time to prove it Right.

Investment is Acting on your Belief system. Love and Patience is an investment joy.

Dear friend, the fund set up is for Public Education and Investing. The target market is also Public.

Now Not many people wants to Buy. In fact the discount shows that the growing High Public turnover is having the negative impact on share price.

Where is the face of management if they are to Buy back their own shares since Nobody wants to Buy as their set up is for Public Education and Investing?

It will be a laughing stock if management decides for share buyback.

They should ask the Public what is Our Concern.

Why TTB has confidence of simple majority at least? it is because those who are disagree will never be a shareholder at the first place Or they have sold off after a disappointing year.

So what happens next years? Same. Those who are disappointed will sell off and Those who has false hope will Buy in.

So you will see at any point of time, the management will have simple majority as those who disagree has left.

it takes more than half a century or longer than that to bring a dynasty down. What is going to the company? Nothing much will change in Short term.

It really moves my heart to see a small group of students on the street sometimes around the globe fighting on their own...i will be so proud if one of them is my own. They represent a small minority as well.

All flowers will naturally blossom except the one which refuses to do so on its own Will...

thanks Mr Tan.

Share Price would be supported by Good Business and High NTA of Rm2.00. Downside Limited. I really wont mind if it comes down another 10-20%.

Looking Good for past ten years.

Company has been doing well for past ten years. I would reasonably expect the same for next ten years.

who knows this company will outperform in the down market?

Ha, i really dont know what is going on. Central Bankers used to make lots of mistakes as well of which effects will only be realized years later. Lets the history be the judge.

So you see the mistakes is Not what we dont understand, but we really thought that we are smart enough to understand what we believe must be the truth of which it turns out not be the case.

In investment, there lies a high possibility that the less educated simple mind might win the race.

Ha, sense maker, who has that ability to understand those economic issues?

Those who think they can understand must know that they have lots more to understand eventually. TTB is one of them. He thought he knows; in the end, there is lot more than he knows.

I cant make sense of lots of things but luckily in investment i dont have to make sense of lots of things.

Stay focus ya. I hope we can learn from other people mistakes and do it better.

Well, i think we shared the same concern. Same as KC and many others, we just wish the industry to grow and prosper.

It frustrates KC to write this article and I always wish i can say good things about others. It is High time management should look into constructive suggestion.

It does not reflect good on the industry with bad perception and bad publicity.

if the mentality and the end result is This is my company, my set up, my fund, my criteria, my prerogative, my appointment of directors then the setup should be private equity funds.

Since the setup is Investing funds, Board of Directors should set a criteria for fund performance review, what is the criteria and benchmark to judge fund managers. This is part of corporate governance as well in response to the Public interest and safeguard the investment integrity.

Going forward a group of prominent and independent directors who are familiar with the industry should be selected to :

1)safeguard the investment integrity inclusive of investment process, selection criteria, fee structure, cash optimum level, risk management, hedging and so on.
2) Address the structural issue and chart the company direction such as succession planning, capital structure, selection of fund manager and so on.

I wish there is game changer coming soon and public interest will return.

Welcome back Lim. Making friend is more important ya.

there is line difference between investing funds and Business Entity.

It is perceivable for company like Pintaras, Padini or FimaCor to keep over Rm100 million just in cash But as an investing funds icap is keeping more than RM200 million whereas the company setup is investing Not doing Business.

Needless to say right or wrong. Market has a final say and has worked its wonders. DCF model has discounted most of its cash as it assumes big portion of it will not be used for quite sometimes.

if we ever manage other people money and I believe KC does in some ways, i think it is normal for us to stand up for questioning. No big deal.

Moreover, Icap set up is public investing and participation and education. It is normal public reaction. Management just have to take it positively for improvement.